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Big-Al
October 26, 2022
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941 data - wages that exceed SS limits, and Sec 125 deduction impact

  • October 26, 2022
  • 1 reply
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I'm hoping that the Payroll System reports somehow has an easy way to identify the social security taxable wages paid when there are one or more employees that go beyond the $147000 cap on SS wages. Also the taxable portion of wages after Sec 125 deductions. I've always used a payroll service and simply posted JE's to get payroll data into the GL, so this a bit new to me.  Just printed out the help data for 941's (20-some pages) that I will read through tonight, but I've generally found the forum responses better than the Intuit provided documentation.

 

I'll appreciate any guidance and info on the quickest way to get the right data.  Thanks in advance.

 

Best answer by JenoP

Thanks for always getting back here in the Community forum, Big-Al.

 

There's an Excel-based report that provides details about taxable wages. You just need to customize it to get the data you need about for social security and Sec 125 deductions. Here's how:

 

  1. Go to the Reports menu, scroll-down to Employees and Payroll, and then look for More Payroll Reports in Excel.
  2. Select Payroll Summary by Tax Tracking Type.
  3. Choose This Year under Dates and click Get QuickBooks Data.
  4. Proceed to the Detail Data tab.

 

 

Once done, click the drop-down list for Tax Tracking Type and check both social security employee and company. If all taxes are checked, click Select All to uncheck all of them. 

 

 

After selecting the tax, go to the Income Subject To Tax and Wage Base columns. This will tell you if an employee has reached the annual limit under Income Subject To Tax. You can also see which employee is it in the Name section. 

 

 

For Sec 125's wage base, you can then go back to the drop-down list for Tax Tracking Type and select the deduction item. Let me share this article for more details:

 


Don't hesitate to let me know if you're able to get the payroll data you need. You can also post follow-up questions if you need anything else. 

1 reply

JenoP
JenoPAnswer
October 27, 2022

Thanks for always getting back here in the Community forum, Big-Al.

 

There's an Excel-based report that provides details about taxable wages. You just need to customize it to get the data you need about for social security and Sec 125 deductions. Here's how:

 

  1. Go to the Reports menu, scroll-down to Employees and Payroll, and then look for More Payroll Reports in Excel.
  2. Select Payroll Summary by Tax Tracking Type.
  3. Choose This Year under Dates and click Get QuickBooks Data.
  4. Proceed to the Detail Data tab.

 

 

Once done, click the drop-down list for Tax Tracking Type and check both social security employee and company. If all taxes are checked, click Select All to uncheck all of them. 

 

 

After selecting the tax, go to the Income Subject To Tax and Wage Base columns. This will tell you if an employee has reached the annual limit under Income Subject To Tax. You can also see which employee is it in the Name section. 

 

 

For Sec 125's wage base, you can then go back to the drop-down list for Tax Tracking Type and select the deduction item. Let me share this article for more details:

 


Don't hesitate to let me know if you're able to get the payroll data you need. You can also post follow-up questions if you need anything else. 

B
Big-AlAuthor
October 27, 2022

Thank you very much.  These reports are really neat.

 

I did have one question, though .... you said ...

For Sec 125's wage base, you can then go back to the drop-down list for Tax Tracking Type and select the payroll item. 

I went back and checked "Compensation" but I didn't see any "Income Subject to Tax" data or "Wage Base" data.  I did read through the article you suggested, but I didn't add anything to the pivot table.  We have only two items that are Sec 125, AFLAC and AVERA, and I don't see "Income Subject to Tax" or "Wage Base" data for those either.  I must be not understanding something you are telling me.  Can you please clarify?

 

And thank you again for pushing me into the Payroll Excel reports!!!

 

A
AileneA
October 27, 2022

Hello, Big-Al. 

 

I'm here to provide additional steps to get QuickBooks Desktop (QBDT) to populate the data of Income Subject to Tax and Wage Base.

 

First, you'll have to make sure that you have the latest QuickBooks release and tax table version on that one computer. Keeping your QuickBooks updated prevents unexpected issues within the program. Let me walk you through the steps. 

 

  1. Go to Help, then Update QuickBooks Desktop.
  2. Select the Options tab, and tick the Mark All button.
  3. Click the Update Now tab, then put a checkmark on the Reset Update box.
  4. Hit Get Updates. Once the update is complete, restart your computer and right-click the QBDT icon then choose Run as Administrator.

Then, let's update your tax table version.

 

  1. Go to Employee, then Get Payroll Updates.
  2. Select the Download entire payroll update radio button.
  3. Click Update.

 

Once done, feel free to follow the steps again provided by my colleague JenoP above. 

 

Lastly, to learn more about how QBDT generates Form 941: How QuickBooks Populates The 941. Each line found on the form has a short description of how it's populated.  

 

 

 

You can always get back to me if there's anything else you need. I'll be around to help you out some more. Take care and stay safe.

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